WEDNESDAY, DECEMBER 9, 2020 - TRADE JOURNAL
Comment:
Keys Takeaway:
1 - 3.5R & below is hitting for both CL and USDCAD which could've been winning trade with a smaller target.
2 - Both possible winning trades (CL & USDCAD) had a safe 1R breakeven before hitting 3.5R target & below
3 - All 3 losing trades had problem reaching 1R level, only 1 of 3 losing trade reached 1R level before turning (GBPCHF)
4. USDCAD is technically still an active trade if was not stopped out by spreads differences. Pay attention to spreads****
5. All 3 losing trades are GBP short. Too bias and invested in shorting GBP. Need to be more diverse. Should only have one open directional bias per currency. Example : GBP short = no more shorting GBP unless active GBP short is close. GBP long is okay, but if have active GBP long = no more long GBP unless active GBP long is close.
6. Don't have the same directional bias trade open for symbol that move in correlation with each other.
7. With 5 actives trade open and all 5 loss at 2% risk per trade put me at a 10% loss per day which will take 11.1% gain to recover. 3 consecutive days will put me at 30% and it will take 43% gain to recover. Need to lower risk per trade so if 10 consecutives losing day happen it won't take too long to recover.
8. Current 10 consecutive losing days percentage loss tolerance is 10% at 5 active positions per day I will need to only risk 0.2% per day or 0.1% per trade if 10 active positions per day or 5% 10 days loss tolerance. 11.1% or 5.3% recovery rate. Eventually 20% 10 consecutive losing days risk will be acceptable but for now the goal is to breakeven with a little profits.
1 - 3.5R & below is hitting for both CL and USDCAD which could've been winning trade with a smaller target.
2 - Both possible winning trades (CL & USDCAD) had a safe 1R breakeven before hitting 3.5R target & below
3 - All 3 losing trades had problem reaching 1R level, only 1 of 3 losing trade reached 1R level before turning (GBPCHF)
4. USDCAD is technically still an active trade if was not stopped out by spreads differences. Pay attention to spreads****
5. All 3 losing trades are GBP short. Too bias and invested in shorting GBP. Need to be more diverse. Should only have one open directional bias per currency. Example : GBP short = no more shorting GBP unless active GBP short is close. GBP long is okay, but if have active GBP long = no more long GBP unless active GBP long is close.
6. Don't have the same directional bias trade open for symbol that move in correlation with each other.
7. With 5 actives trade open and all 5 loss at 2% risk per trade put me at a 10% loss per day which will take 11.1% gain to recover. 3 consecutive days will put me at 30% and it will take 43% gain to recover. Need to lower risk per trade so if 10 consecutives losing day happen it won't take too long to recover.
8. Current 10 consecutive losing days percentage loss tolerance is 10% at 5 active positions per day I will need to only risk 0.2% per day or 0.1% per trade if 10 active positions per day or 5% 10 days loss tolerance. 11.1% or 5.3% recovery rate. Eventually 20% 10 consecutive losing days risk will be acceptable but for now the goal is to breakeven with a little profits.
* possible breakeven 1-1
* 3.5R target hit
* stoploss hit because of spread diferences
*
CL - LOSS
* possible breakeven 1-1
* 3.5R target hit
* www.tradingview.com/...ONTINUATION-4R-LOSS/
-
GBPEUR- LOSS
* no 1-1 breakeven
*
GBPCHF - LOSS
* possible 1-1 breakeven
*
GBPCAD
* no 1-1 breakeven
*